• Home
  • About
  • Advertise
  • Contact
  • Policy
  • Guest Post
  • Archive

One Cent At A Time

A Personal finance blog to get rich

  • Email
  • Facebook
  • Pinterest
  • RSS
  • Twitter
  • Beautiful Life
  • Becoming Rich
  • Beginners Guide
  • Extra Income
  • Productivity
  • Saving Money

How to Keep Motivation When Income Goes Down

September 22, 2016 3 Comments

Share this:

  • Tweet
  • Email

Imagine this scenario: you’ve been stuck in a job you hate for nearly a decade. It doesn’t pay a lot, just enough for you to keep on top of your bills and put some money away. Perhaps you’re paying down debt or maybe want to put a down payment on a house.

How to Keep Motivation When Income Goes Down

And then a dream job opportunity comes up. It’s a job in a great company with a lot of opportunity for career progression, but the hours are more suited to you and allow you to pursue your other passions. Maybe you have a blog or a side hustle that you could really do with spending more time on.

The issue is this: whilst it pays enough to cover your bills, it’s fewer hours/less money than you had before. This means your debt/savings timeline has grown significantly longer. It barely seems like you’re having any impact on your goals at all.

How do you stay motivated? Would it be better to stay in a job you hate with no real prospects or give this new dream shot but risk losing all of the financial momentum you’ve gathered?

If you can only save $10 a week, it seems so insignificant. You can often feel it’d be better spent on a bottle of wine to drown your sorrows.

You must, however, bear in mind that the time will pass anyway. Sure, you may only be saving half of what you used to. As long as you are still saving, though, you’ll be on the right path, albeit a longer one.

Think of it as getting more financial exercise – it’s funny how similar a weight loss journey is to a journey towards financial freedom.

It’s all very well me telling you why you should keep the financial freedom ball rolling. You really need to know how to keep motivated. Luckily, I came up with a few tips:

1. Re-think your timeline

I’ll use the example of paying off student loans. Say you were on track to pay them off in five years, and then you had to half the amount of your repayments. Maybe your circumstances changed in some way.

There’s no point burning yourself out trying to stick to the same deadline, so crunch those numbers and give yourself a new debt-free date. It may be a decade away, but make sure you have the exact date in your head.

If you just think to yourself you won’t be debt free for the foreseeable future, it’ll make you want to crawl under the covers, get into the foetal position and rock. That’s not helping anyone.

2. Rework your budget

It may be entirely possible to find the extra money you need in your existing budget. If you’re truly determined to stick to your existing timeline and are willing to go to whatever lengths are necessary, I’m right behind you.

Here’s a post from the archives about cutting your spending quickly. It’s not easy, but by golly, it’ll put a frugal fire in your belly.

A great thing to do is completely eliminate a regular expense. For example, my boyfriend and I now don’t spend a penny on date night. Instead, we either go for a long walk or get a blanket on the sofa and binge watch a tv show.

Other ideas could be getting rid of cable or reducing how often you eat out – the possibilities here are plentiful – here is a great post from MSM about trimming your budget.

3. Increase your income

Increasing your income isn’t as easy as it sounds. There are a few ways, however, you can easily earn a little more cash. I do some freelance writing, but it really depends on your area of expertise.

Pinterest is a great place to look for ideas on making some more money. There’s everything from how to sell all of your unwanted clutter, to starting your own Etsy store.

I’d be surprised if you didn’t have some skill lurking somewhere that you could use to make some cash. It can be anything: babysitting, fundraising, cooking, baking, cleaning, writing, reading, walking, knitting, talking, typing. The possibilities are endless.

4. Check in regularly

Arguably this is the most important tip I have.

So, you’re new to living a frugal lifestyle and aren’t used to sticking to a budget. It can be so easy to slip back into your old spending habits. Take the time, at least once a month, to review various aspects of your budget.

In my experience, it’s your grocery budget that fluctuates the most depending on how aware you are of being frugal.

When I’ve recently had a budget review, my shopping list basically consists of fruits, vegetables (mostly frozen) and canned/dry goods. Then, if I don’t keep my eye on it, more and more convenience foods (frozen pizzas, ice cream, ready-meals) start to sneak their way in.

In conclusion…

I’m afraid it’s not easy in today’s work to keep up your motivation for financial freedom. The pressure from EVERYWHERE to keep up with the Joneses can be crippling.

Trust me, though, it’s worth it in the end. Sure, the journey may be long and tiring. In exchange for a little perseverance and a lot of delayed gratification, you’ll get peace of mind, happiness and a decent nights sleep – three things you cannot, my friend, put a price on.

About the Author: Caroline has recently turned to the frugal side after her partner lost his job and they had to survive on her (meagre) income. He found another job but she’s still frugal 😉 Read more at http://www.carolinecocker.com.

LIKE THIS POST?
I agree to have my personal information transfered to MailChimp ( more information )
Join our community of 8000+ subscribers to increase your net worth and build wealth
We hate spam. Your email address will not be sold or shared with anyone else.

Share this:

  • Tweet
  • Email
The tool that changed the way I manage my personal finance - Personal Capital, The Best Free Personal Finance Tool

Want to start a WordPress blog now? The onecentatatime.com blog is hosted by Siteground Web Hosting. For only $3.95 a month, Siteground can help you set up and host your website/blog quickly and easily.

About the Blogger Hi I am SB, a personal finance enthusiast with a career in software development. I am an immigrant to the USA since 2005, after being born and brought up in India. This 40 something technocrat lives and breathes personal finance whenever he gets time from the day job, job as a husband and a dad

Some links on this page may be affiliate links, if you make a purchase following the links, I may earn a commission. Read affiliate disclosure here
« Is Your Company Safe? 3 Common Ways That Businesses Get Hacked
Earn your College Degree Debt Free »

Comments

  1. arte Creo says

    September 23, 2016 at 6:41 PM

    True… the pressure is sometimes overwhleming. Just look for the bright side on the horizon, and keep trying.

    Reply
  2. Dannielle @ Odd Cents says

    September 26, 2016 at 6:43 AM

    Did you peek into my life? This is my problem right now. I’m in a job that does not pay well and there are no prospects to advance in the company. I keep asking myself which is worse – the new opportunity which will open new doors or the old job, which will take me nowhere?

    Reply
    • Caroline says

      October 14, 2016 at 12:49 PM

      Awful isn’t it?! I wish there was an easy answer – I made the leap and moved job even though it was scary – I’m so glad I did even though it’s not the best job ever – at least there’s a chance of promotion.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



Create your own blog in 20 minutes and $20

Personal Capital, a free tool to change your financial health today

I use and suggest Upstart, for your personal loan need

CreditKarma, a free tool to check your credit scorey

I use Coinbase, for my crypto investments

101 Cents at a Time

101 Ways to Earn Extra Money on the Side
201 Frugal and Perfect Birthday Gifts
101 Ways to Save Money Everyday
101 Ways to be Better and Successful at Work
101 Ways to Save Environment and Energy
101 Frugal and Romantic Anniversary Ideas
101 Low-Cost Men's Fashion Ideas
101 Personal Finance Tips
101 Ways to Reuse Household Stuff
101 Things to Do, When Nothing to Do
101 College Graduation Gift Ideas
100 Tips for Ecommerce Startup
101 Ways to Enjoy Indoor During Winter
101 Ways to Beat Procrastination

Popular Posts

Quick Cash - How to make $100 legally, in a day
Living well on less than $15,000 a Year
Top survey sites for side income
What to do when auto repair goes wrong
Where should I invest my money now?
20 Ways to be productive and happy at work
51 Ways to get out of debt
Be a better person in 15 days, 15 ways
Income ideas for retirees and senior citizens
51 side jobs for college students
Urgently need a large amount of money?
Should I buy or should I rent?
Best Personal loan providers
25 Ways to save environment
25 DIY car repairs to save money
How to decorate office cubicle
How to show your wife you care
50 Financial Rules for Success
51 Frugal weekend family activity ideas
Become Rich By Saving 1 Hour Of Daily Wage
How much do I need to save for retirement?
How to negotiate your salary

Follow us on FaceBook

About Author

SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

View all posts


Subscribe

Join our community of 5000+ subscribers to increase net worth and build wealth

Advertisements

Personal Stories

How I got a new HP computer replaced
Was COVID circulating in USA in fall of 2019?
How my credit score went up 800+
Why I didn’t invest in Bitcoins
How I controlled impulses to buy things
Why this blog is named One Cent at a Time

Subscribe via Email

Site Disclaimer

Disclosure of Material Connection: Some of the links in this web site are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
Read full Affiliate disclosure


One Cent at a Time is published by SB. The opinions expressed herein by him are his own and not those of his employer or anyone else. All content on One Cent at a Time is for entertainment purposes only. By reading this blog, you agree that SB and/or One Cent at a Time is not responsible for any actions taken after reading this blog. For the full disclaimer, click here .

Major Media Mention

One Cent at a Time Media Appearances

Copyright © 2023 One Cent At A Time · Designed by Nuts and Bolts Media